74-10

74-10

San Francisco, California

August 21, 1974

Re: Trust Business

Dear _________________:

This is in reply to your letter of August 1, 1974.

You have sought our opinion as to whether certain activities would constitute the doing of a “trust business” as defined in Section 106 of the Financial Code.

It is our opinion that a corporation whose sole shareholders, directors, and officers are members of a family may act as trustee for one trust in which only the same family members are beneficiaries and remaindermen without being found to be doing a “trust business”.

This opinion is specifically limited to the acts enumerated. No reliance should be placed on this opinion if there is any variation from the above facts.

If you have any questions in regard to this matter, please do not hesitate to contact us.

Very truly yours,

DONALD E. Pr PEARSON
Superintendent of Banks
By

JOHN F. STUART
Counsel
JFS:ap

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